Mortgage Rates Drop Despite Fed Rate Increase 2023-03-24
Gulf Coast Real Estate Update
March 23rd, 2023
Mortgage Rates
Drop Despite
Fed Rate Increase
Concerns continue over the health of the economy following recent bank failures and could easily affect how mortgage rates change over the next few weeks. That’s because rattled investors began looking toward the relative security of government bonds. With interest rates high and economic uncertainty looming, bonds seem like a safe place to park assets. That’s pushing up bond prices, which lowers the yield and tends to lower long term treasury rates. The 30-year fixed rate mortgage is closely tied to the 10-year Treasury and is not directly tied the short-term Fed Funds rate.
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Mortgage Rates Continue to Slide Down
Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks. However, on the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices. If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season.
